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Monday, January 5, 2009

Oil rises above US$47 Monday on Middle East tension

Oil prices rose to above $47 a barrel Monday in Asia as a ground offensive by Israeli troops against Hamas militants in Gaza heightened tensions in the oil-rich Middle East.

Light, sweet crude for February delivery rose 83 cents to $47.17 a barrel, after earlier jumping to as high as $48.66, in electronic trading on the New York Mercantile Exchange by midday in Singapore.

The contract rose Friday $1.74 to settle at $46.34.

 

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